The final pay period of the year will not be paid to employees until January 3,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The final pay period of the year will not be paid to employees until January 3, 2020. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year. The company pays for Christmas Eve and the day of Christmas for 2019. Employees will be paid for both Tuesday and Wednesday as holiday pay. Standard time for the pay period was 96 hours, but employees worked extra hours on Saturday during the week of 12/23- 12/27. Reminder, holidays and vacations are not included as hours worked for calculation of overtime. • Complete the Employee Gross Pay tab. Complete the Payroll Register for December 31. • Complete the General Journal entries for the December 31 payroll. • Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger. Employee Gross pay Last Name Chinson Wayland Peppinico Varden Payroll Register Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. (Round your answers to 2 decimals.) Hissop Success General Journal $ $ $ $ General Ledger Pay Period Hours 12/16-12/31 96 hours (exempt - 16 hours Holiday) Hourly Rate (Rounded to 5 Decimals) 11.53846 36.05769 96 hours (exempt - 16 hours Holiday) 20.91346 96 hours (exempt - 16 hours Holiday) 20.19231 98 hours (16 Holiday) 23.79808 97 hours (16 Holiday) 17.30769 99 hours (16 Holiday) $ $ < Employee Gross pay Regular Overtime $ $ $ 0.00 0.00 0.00 $ $ $ Payroll Register > Holiday 323.08 380.77 276.92 Commission $ 1,015.00 The final pay period of the year will not be paid to employees until January 3, 2020. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year. The company pays for Christmas Eve and the day of Christmas for 2019. Employees will be paid for both Tuesday and Wednesday as holiday pay. Standard time for the pay period was 96 hours, but employees worked extra hours on Saturday during the week of 12/23- 12/27. Reminder, holidays and vacations are not included as hours worked for calculation of overtime. • Complete the Employee Gross Pay tab. Complete the Payroll Register for December 31. • Complete the General Journal entries for the December 31 payroll. • Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger. Employee Gross pay Last Name Chinson Wayland Peppinico Varden Payroll Register Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. (Round your answers to 2 decimals.) Hissop Success General Journal $ $ $ $ General Ledger Pay Period Hours 12/16-12/31 96 hours (exempt - 16 hours Holiday) Hourly Rate (Rounded to 5 Decimals) 11.53846 36.05769 96 hours (exempt - 16 hours Holiday) 20.91346 96 hours (exempt - 16 hours Holiday) 20.19231 98 hours (16 Holiday) 23.79808 97 hours (16 Holiday) 17.30769 99 hours (16 Holiday) $ $ < Employee Gross pay Regular Overtime $ $ $ 0.00 0.00 0.00 $ $ $ Payroll Register > Holiday 323.08 380.77 276.92 Commission $ 1,015.00
Expert Answer:
Answer rating: 100% (QA)
Employee Gross Pay Last NameHourly Rate Rounded to 5 DecimalsPay Period Hours 12161231RegularOvertimeHolidayCommission Chinson115384696 hours exempt 1... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
Students also viewed these accounting questions
-
Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers. Students will have the opportunity to establish payroll records and to...
-
The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you in the payroll register, the employees' earnings...
-
During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31. a. Paid and recorded wages of $130,000 during Year 1;...
-
John Woods' weekly gross earnings for the present week were $2,500. Woods has two exemptions. Using an $80 value for each exemption and the tax rate schedule below, what is Woods' federal income tax...
-
Edington Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $15 and $25, respectively. Because of the intense competition Edington...
-
Refer to Data Set 7 in Appendix B, which looks at temperature and precipitation departures from seasonal norms. Pick out the data pairs corresponding to years of strong El Ninos. Compare (a) the...
-
(Mortgage, finding r, payment breakdown, and outstanding balance) You are interviewing with one of the largest mortgage brokerage firms. Your future boss asks you to analyze a $150,000 mortgage with...
-
Founded in the early 1980s, the Vermont Teddy Bear Co. designs and manufactures Americanmade teddy bears and markets them primarily as gifts called Bear-Grams or Teddy Bear-Grams. Bear-Grams are...
-
FINA0404A/3351A FALL 2017 Assignment 1 (Due by 11:59pm, October 2, 2017) Download Excel file "HW1.xism" and finish all the problem sets in it. Submit your Excel file to the "Assignment1" session on...
-
On June 1, Depot Company began operations. On September 1, Depot Company has the following accounts and account balances: Cash $17,400, Accounts Receivable $2,000, Supplies $1,900, Accounts Payable...
-
Software as a Service, also known as cloud application services, represents the most commonly utilized option for businesses in the cloud market. SaaS utilizes the internet to deliver applications,...
-
What is the difference between minimum total cost and short-range profit maximization policies in system design?
-
At what point in the typical analysis does the technique give way to the managerial review and evaluation process?
-
What is the main advantage of the typical optimization technique in comparison to simulation?
-
_____ consist of any action such as firings, demotions, schedule reductions, or changes that would harm the individual employee.
-
_____ measures a persons intellectual curiosity and motivation in a particular field.
-
Linearize f x 5 x for a 1 and use it to approximate the value of 2 5 L x The approximated value of 2 5 is Round to two decimal places as needed
-
Explain five different cases of income exempt from tax with clear examples.
-
Several years ago, Cyclop Company issued bonds with a face value of $1,000,000 for $1,045,000. As a result of declining interest rates, the company has decided to call the bonds at a call premium of...
-
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2016, an asset...
-
Frances Sabatier asked a local bank for a $50,000 loan to expand her small company. The bank asked Frances to submit a financial statement of the business to supplement the loan application. Frances...
-
Why are adjusting entries needed? LO5
-
What accounting concepts require that adjusting entries be employed? LO6
-
What happens during the accounting cycle?LO3
Study smarter with the SolutionInn App